Ending the $600 Benefit Will Tank the Economy
We've got the receipts
The economy will tank if the government forces everyone back to work. We will see the second wave. We are seeing this already in reopened states as they join NYC in ordering and filling refrigerator trucks full of bodies.
In fact, slashing UI alone will cost us another 5.1 million jobs over the next year.
The Bureau of Economic Analysis estimates that extending the $600/wk FPUC payments through the middle of 2021 would provide an average quarterly boost to the GDP of 3.7% and employment of 5.1 million workers. They also said that "cutting off a policy that helps households maintain spending is a terrible idea, both for these households' welfare and for macroeconomic stabilization."
People across the US are putting the $600 benefit money back into the economy by paying rent, providing for their families, and buying food and supplies. Without that money being spent, the economy will inevitably hit new lows.